Iran may ‘review’ oil contracts if faced with UN sanctions
March 14 Iran may review some of its contracts with foreign oil and gas companies if the United Nations Security Council imposes sanctions on the Islamic Republic over its nuclear programme. ‘‘Iran will review its oil contracts with other countries if necessary,’’ said Kazem Vaziri-Hamaneh, the country’s oil minister, referring to a question on possible UN sanctions, the state-run news agency IRNA reported. The decision will be taken by ‘the country’s officials,’ he said, without elaborating.
European energy companies, including Royal Dutch Shell Plc, Statoil ASA and Japan’s Inpex Corp., are already facing reduced profits in Iran as administrative delays, technical glitches, tough contract terms and Iran’s economic isolation due to existing US trade sanctions hamper development. US companies are barred by law from investing in Iran’s energy industry.
The Security Council is expected to hold its first meeting on the issue this week. Bloomberg
The UN’s International Atomic Energy Agency referred Iran’s nuclear program to the Security Council after three years of UN inspections that failed to declare Iran’s atomic work peaceful. At the Security Council, Iran could face censure or economic sanctions, depending on the support of the Council’s five permanent members that include Russia and China.
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